insider-form-4listed
Install: claude install-skill howard-lynn-ye/fin-skills
# Insider Form 4
**Two things decide whether a Form 4 study is real, and the deadline is neither of them.**
The deadline is two business days, so decay barely costs you anything. What costs you is
(1) letting grants, option exercises and tax withholdings into the portfolio alongside
actual purchases, and (2) filling at the close of a day whose filing was accepted at
20:30 ET.
Everything marked ✅ Measured is printed by `scripts/form4.py` (numpy + pandas, seed
20260910, about 5 s, no network). Its filings are **synthetic and seeded** - the code mix
and the lag distribution are set by the script and measured back, not a tally of EDGAR.
Everything marked ✅ source-verified was read at the URL given, on 2026-09-10.
## 1. ✅ The rule, at primary sources
| Fact | Value | Source, read 2026-09-10 |
|---|---|---|
| **Deadline** | *"before the end of the second business day following the day on which the subject transaction has been executed"* | **15 U.S.C. 78p(a)(2)(C)** (`govinfo.gov`) and **17 CFR 240.16a-3(g)(1)** (eCFR) |
| Deferred execution date | for a Rule 10b5-1(c) plan trade where *"the reporting person does not select the date of execution"*, and for a 16b-3(f) discretionary transaction, the deemed execution date is the date the broker or administrator *"notifies the reporting person"* | 17 CFR 240.16a-3(g)(2), (g)(3) |
| 🔑 **The cap nobody quotes** | 16a-3(g)(**4**): if notification is later than the **third** business day after the trade, the execution date is deemed to